Wow, looks like the bottom is starting to fall out of the Corvette market.
61-62 NCRS fuelies previously $125,000 now $85,000 asking?
I was watching Barrett Jackson (creator of the bubble) the last 2 years and
saw the guy from Proteam buy up at least 6 Corvettes each at least $110,000.
Then I thought, how is that guy going to get his money back. So I went to
his website and it looks like he has lowered his prices and reduced his
exposure. Smart move since there is more altitude to descend through.
As I say about real estate and the same for the collector car market."were
these cars/ real estate ever really worth that much? Or was it just a new
form of black tulip bulbs?
I want to laugh at people who took out loans of $500K, $1M to buy houses a
few years ago and now are so far underwater they couldn't see sky with a
periscope. I don't know what they or the banks that loaned the money were
thinking, but I guess those of us who didn't get on board for the elevator
ride now get to pay the price. Being responsible just doesn't pay.
'93 40th Anniversary coupe, 6 sp (both tops)
Soooo true, even made me type here.
I am amazed at what people will pay for what is one wreck away from being
scrap metal. And as an "investment"? When the economy goes in the dumper
guess what the values do? And yeah, same true for houses. A house, or
collector car, are not retirement investments. With housing this has been
made worse by the fact thet there are so many Wall St. connected builders.
(Centex, etx) Those guys will keep the market unpredictable. As resale
values go up, they build more homes and the resales go back down. Been
watching that here in central Texas for over ten years now.
More people need to tell the seller "keep it!"
Back to Corvettes.
Watched these values go over the map for many years. C6 comes out, C5 takes
a hit, C5 comes out, C4 takes a hit.
But I didn't buy a Vette to worry about its value, I bought it because its
just plain fun to drive. Step on gas...GO!
92 Red/Red LT-1
Yup...tuilp bulbs (I like that analogy)
It is the same with all collectables, be they gold, guns, cars or houses.
Buy them cheap so if you have to sell cheap, you can.
Also pay cash if you can. Borrowing can kill you if the asset fails to go
up in value.
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